Hin Leong oil tycoon OK Lim found guilty in US$111.7 million cheating, forgery trial

OK Lim was still the"big boss" of oil trader Hin Leong and had instructed employees to prepare documents with the intent to deceive HSBC, a judge found.

This amounted to at least US$111.7 million, based on the three charges that the prosecution went ahead with out of the more than 100 charges that Lim faced., centred on who had directed Hin Leong staff to prepare the documents that made it seem like the oil trader had entered into the two purported transactions.

If the discounting application was approved, the bank would pay the seller the invoice amount and charge a fee for the transaction.Hin Leong founder OK Lim testifies in cheating, forgery trial about how he came to dabble in oil For the purported Unipec deal, Lim also denied asking long-time employee Catherine Ong to submit a discounting application to HSBC, and said he only told her to be"mentally prepared" for such a sale.

Judge Toh accepted evidence from Ong that she met with Lim every one to two weeks to update him on Hin Leong's cash flow situation and take instructions, including on invoice discounting.

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